November 26, 2006

Bloggy Question 31: Do You Send Away the Idea of a Lifetime?

ME Liz Strauss wrote this at 7:22 pm

What Do You Say to the Guy Who Can’t Pay?

For those who come looking for a short, thoughtful read, a blogging life discussion, or a way to gradually ease back into the week. I offer this bloggy life hypothetical question. . . . posed ito me in another way by Drew McLellan the other day.


You’re making a living at your own business, but you’re not rolling dough. In walks a propsective client. You hit it off from his first smiling and intelligent conversation. What a powerful team you would make! He has the vision and a great idea. You have the experience and skills that fit right next to his.

The client’s idea is intriguing. It’s an idea that you find exciting and immediately inviting. It’s one in million and you’d die to work on it. Already you’re starting to think about the direction that you would take the planning and the action. The problem is that the client can’t afford to pay you.

Even worse than that, the project really calls for someone just like you. Everything about you wants to help him get going.

The thing is that the client’s idea is so rare and unsual that you don’t anyone who to send him to — the people that he can afford wouldn’t know how to do the idea justice. Those who would see the value would be just as expensive as you or even too expensive and too busy.

How do you respond?

–ME “Liz” Strauss

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37 Comments to “Bloggy Question 31: Do You Send Away the Idea of a Lifetime?”

  1. November 26th, 2006 at 7:49 pm
    Derek Andrews said

    If he can’t pay, then a partnership would be one option. Or you agree to provide a certain amount of your time in return for a hefty percentage of the business, just like a venture capitalist gives $ funding. Or you figure out how much it will cost you to do the job, and send him to find a backer. I guess it depends on how certain you are that the idea is a good one and that it can be made to work with the resources you have.

  2. November 26th, 2006 at 7:52 pm
    ME Strauss said

    Hi Derek,
    Wow! You’ve got a few ideas in there that I’ve never tried yet. I’m such a soft touch for an intriguing idea. I’m going write them down and keep them close to me. Thanks for them. Really!

  3. November 26th, 2006 at 8:22 pm
    Mike Sansone said

    Derek makes some good points. I’d probably need to ponder those after I respond with:

    “Let’s get to work on this puppy.”

    I love Ready, Aim, Fire - with a rythm. The challenge is too many say, “Ready, Ready, Aim, Ready, Change, Re-Ready, Aim, Oops, Change, Ready…”

    Let’s just go to work!

  4. November 26th, 2006 at 8:27 pm
    ME Strauss said

    Sounds like the Macarena , Mike :)
    By the way, whiile that second guy ways Ready Re-ready aiming. The other shot him. :)

  5. November 26th, 2006 at 9:16 pm
    Scorpia said

    Derek’s pretty much nailed it as far as payment goes. Of course, that’s presuming the idea can be turned into substantial money. If not, let it go. Ideas are nice, but they don’t pay the bills.

    On the other hand, if there is a market for whatever this is (proper research being done), then something can always be worked out.

  6. November 26th, 2006 at 9:20 pm
    ME Strauss said

    HI Scorpia,
    Great to see you!
    Ideas are nice, but they don’t pay the bills. Gosh, don’t I wish they did. I could be living nicely. :)

    You make a really good point with that one, especially the part about the research. Maybe a push to the client to do the research would bring some interest from folks who would want to invest. :)

  7. November 27th, 2006 at 12:04 am
    Jeff Brown said

    I think the client should be fired - at least until he can pay. As good as his idea may be, it’s not worth more than your time. He should come back when he’s in better financial shape. The idea won’t go away. And if it’s so good, isn’t it possible he’ll make enough to rehire you?

    People who are exceptional at marketing are golden, and should be paid handsomely for their time. The results they generate through their brilliant strategies, and seamless execution are to be prized. Whatever they charge as a fee, or hourly pay, in my opinion is generally fair.

    I’ve hired two different companies that produced so-so results for my firm.
    Over the last two years alone I’ve paid almost 15% of my gross income to a marketing firm - and I would have done easily as well without them. They came up with nothing new, were reactive rather than proactive, and just didn’t produce.

    In the end, this guy should be shown the door until he pays, like everyone else. If he wants a VC he’ll find one. If he wanted a partner he’d find one. The bottom line here is that a world class marketing consultant is worth their fee or hourly pay.

    If the client truly understands the value of the marketing advice he’s receiving, he’ll work hard, make money, and come back when he can play in the major leagues. If not, he wasn’t a loss to the marketer. Ideas don’t die because they aren’t marketed. They die because they’re not translated to application. Because the idea’s translation is strained or limited in results due to the lack of superior marketing, it will still produce because it’s a great idea.

    I’d ask the marketing consultant how much time is being taken by this project? How often does it intrude into paying clients’ time? Is that fair?

    Fire him. Be Kumbaya about it. Say, I’ll fire him, and if he comes back, it was meant to be.

  8. November 27th, 2006 at 12:08 am
    ME Strauss said

    Jeff,
    You’re a jewel and gem. I think anyone would want you for a client. With an attitude like that folks will be knocking down your door. :)

  9. November 27th, 2006 at 12:33 am
    Whimspiration said

    I’d partner up with this client and get the show on the road! (research and verifications and such for true profitiability and long-term viability as a given of course)

    If partnership wasn’t an option, then I’d ask for at least public (tagline, ad space, etc) recognition in my part of the project fort he life of said project, and possibly profit sharing, all in a contractual form.

    When something excites me that much, I have to be a part of it.

    Sometimes the payoff from advertising a “the one who did this great thing” can be as good or better than any cash payment. Of course, I’m working on the WOM model here too. I have yet to pay for advertising with my business either. WOM just works better, and has more value.

  10. November 27th, 2006 at 1:41 am
    HART (1-800-HART) said

    the people that he can afford wouldn’t know how to do the idea justice…

    HOLY CRAP! I think I will ask myself - if I’ve ever gotten myself this deep into my psychotic illusions of grandeur - why does everybody else have these great and exciting ideas and inviting visions - and I’m struggling making ends meet.

    Perhaps .. I’m not as good at my business as I think I am .. and certainly I should be looking at my own goals and business plan a little bit closer - than harping on other people’s ideas.

    I think I’m with Jeff on this one .. That’s not a potential client - it’s a charity case. I’d probably decline admitting that I would be unable to fulfill the client’s needs and maybe recommend him to another associate or consultant in my network of business friends.

    And if they both make it big? Good for both of them. Maybe there will be opportunities at a later date .. maybe there will not be.

  11. November 27th, 2006 at 4:42 am
    Chris Cree said

    There have been times when I’ve had hunches that didn’t necessarily make sense logically and in hindsight showed some very good reasons for being the right thing to do. I think I’d probably have to do a gut check and see if this is one of those times.

    Life doesn’t always fit into a tidy calculated box. Good new ideas are hard to come by and have significant value in themselves and can be worth more than a big bank account.

    Perhaps a good marketer could partner up and find a way to market the idea to some folks with money to drum up financing. Could a commission based arrangement work?

  12. November 27th, 2006 at 5:37 am
    ME Strauss said

    Hi Whimspiration,
    Partnering seems to be your vote. The questions is how you’ll take payment. It seems like you’re in for the long haul with this potential client. :)

  13. November 27th, 2006 at 5:39 am
    ME Strauss said

    Hi HART,
    It’s good to have the voice of reason around. We all need people like you and Jeff in our life to help us from giving ourselves away. On the hand, what if it an that really tripped your trigger . . . even then?

  14. November 27th, 2006 at 5:41 am
    ME Strauss said

    Hey Chris!
    Finding a way to finance the idea through commission could if the time is there. That would depend, I guess, on how well your real business was working and how much it and your real takes.

  15. November 27th, 2006 at 5:55 am
    HART (1-800-HART) said

    I’m not sure what what if it an that really tripped your trigger really means :D .. but, I would point out again that this is only a prospective client .. A walk-in - off the street .. looking for competent service from a business that is offering the service, be it consulting .. marketing etc. I’m sure if he was looking for hiring salesman to pay commissions or for a partner .. he might not just walk off of the street and look at more formal places..

  16. November 27th, 2006 at 6:01 am
    ME Strauss said

    EVERYBODY: HAAAARRRRT!
    A prospect is a prospect until he or she pays you. So it’s possible that this guy’s been around for a few weeks or so — talking about his idea over coffee, maybe via email. It happens. He likes you and you style and this idea goes well with you. :)

    You trip his trigger and float his boat. :)

  17. November 27th, 2006 at 6:16 am
    HART (1-800-HART) said

    Well .. that’s different .. I’m used to that .. so I can look at this objectively! Everybody likes HART and his style :p

    (j/k) I’m sure there is no right or wrong answer - unless I was writing an exam or a test - then in that case - I can state that without a doubt .. my answer would have been wrong or barely a passing grade.

  18. November 27th, 2006 at 6:19 am
    ME Strauss said

    HART!
    I’m laughing. I suspect, that on a test, yours would be considered one of the right answers. Minimize risk, especially when you can’t quanitify the benefits doesn’t seem to be a bad philosphy of business to follow. I think I’d give you points for that. :)

  19. November 27th, 2006 at 7:48 am
    Rodney Rumford said

    I have this happen in my consulting firm almost every week. Great ideas are a dime a dozen. Very rare is the idea that could substantially increase your income by multipliers of 2-10. If it is an idea that could change the world, then consider nurturing the project for a percentage of ownership.

    Someones idea is only 1/10th of the equation. Before considering doing “free” consulting you need to look at the team the person has assembled to execute the idea. If they can’t afford to pay you based on your value; chances are that they can’t afford to pay the other required team members to execute the idea.

    As much as it might pain you, you most likely can’t afford to have this client. In business you need to focus on what pays the bills, increases revenues and expands your paying client base. Gently tell the potential client that you can’t afford to do the work pro bono and offer them some ideas on fund raising and give them some tips and send them on their way.

    I have found that people that have these “great” ideas rarely know how to build a stellar team, execute and take the idea to a level where there is substantial revenue. Taking ownership is also risky and involves many legal issues that need serious consideration. any way you look at it you can’t afford this client and it just might be the reason that you are not rolling in dough in your current business.

    Just my thoughts… I could be totally wrong.

  20. November 27th, 2006 at 7:57 am
    ME Strauss said

    Hi Rodney!
    I had no idea that this question would sort the idealists from the realists, so to speak.

    But I guess this dovetails right in with the post I wrote about whether you are really a freelancer or a entrepreneur, i.e. the latter one who focuses on the business as the center.

    I’ve met plenty of idea people who could get their ideas running and off the ground, but they were missing one critical skill set, i.e. the financials or had those, but not the experience in marketing only the conceptual.

    Your analysis cuts more to the “prove the worth of the idea,” which is a great place to start.

    I so enjoy what we read or don’t between the lines of these short scenarios. Everyone of use adds information from our own experience that fills out the dialogue to make so, so much more useful.

    Thanks for being one those who do that!

  21. November 27th, 2006 at 8:06 am
    Carolyn Manning said

    With the wealth of free information we have at our disposal, it’s unfair to expect paid services gratis. If that person is so clever as to come up with the idea of a lifetime, s/he can come up with a few ways to implement that idea without draining the resources of a consultant.

  22. November 27th, 2006 at 8:24 am
    ME Strauss said

    Good morning, Carolyn!
    Well said, I agree with your point about being clever enough to have more than one idea! Push him to do his own work.

  23. November 27th, 2006 at 9:14 am
    Kevin J. Bowman said

    I want to help the guy, but from my experience the same guy that lacks the ability to build a vision for partners or VC lacks the business sense to bring the idea to a market in a profitable way.

    I am a very creative guy, but I have a string of failed business ideas because I lack discipline and patience. This “client” has the same struggles I do and we will NOT make a good pair together.

    I think he needs to work on his business development skills personally as I do before he goes infecting others with his lack of knowledge on how the world works, which is pay for play!

    Personally, I will never do charity work again in hopes that the next visit will be a paying visit, or that the clients “friends” will come knock down my doors to pay. I have learned that it is just bad business.

  24. November 27th, 2006 at 9:25 am
    ME Strauss said

    Hi Kevin.
    Welcome! It takes self-knowledge to get where you are. Recognizing that what might look fun might not be a strong partnership is a critical skill. Could save your business.

    I understand what you say about giving things away. We need to value our work.

  25. November 27th, 2006 at 10:21 am
    Mike said

    Liz,

    To paraphrase the old saying, if the idea is one in a million, there are 1000 people in China trying to do the same thing right now!

    The realists make excellent points here, yet if the premise truly is “opportunity of a lifetime” I would go with Derek’s approach. If this really aligns with my life’s purpose or lifelong ambition, I’m going to be willing to suffer the consequences of failure for a chance to shoot the moon.

    Mike

  26. November 27th, 2006 at 10:24 am
    ME Strauss said

    Hi Mike,
    I hadn’t heard that China statement before — thanks for sharing that! I’m keeping that one on file. :)

    As you say, so much depends on exactly what the idea is in spades and how it fits in your life plan and the plan of your business.

  27. November 27th, 2006 at 11:29 am
    Chris Cree said

    I think a central issue here is which party believes this to be a one in a million idea. In your example it seems that I’m the one who believes it even more so than the prospective client who brought the idea to me.

    That being the case I have to ask myself how much I really believe it. Am I just infatuated with an intriguing idea or do I really see it as a chance of a lifetime? If I see that the idea truly is that good then I expect I’d be able to come up with some way to work on it at an acceptable risk level.

    If I don’t see it for myself then I’d have to pass unless the client was to pay me in my normal consulting capacity.

  28. November 27th, 2006 at 11:41 am
    Carl Chapman said

    Liz, I think I like the first suggestion the best, take a piece of the action if you are comfortable with the player and love the idea.

    You could also think about doing the work on terms. No money down no payments for 6 months, then take payments over time at an inflated rate (maybe 25% higher fee than normal) and limit your involvement to working only during your ‘down’ time.

    If you truly work during non-billable hours, then you haven’t lost much, not even revenue opportunity.

    Restaurant Recruiter | Restaurant Jobs | Restaurant Recruiters >> Blog

  29. November 27th, 2006 at 11:52 am
    ME Strauss said

    Hey Chris,
    Great question Is this really a once in a lifetime idea or am I just infatuated with it? That’s a question we should ask every time we get jazzed about some idea. :)

  30. November 27th, 2006 at 11:54 am
    ME Strauss said

    Hiya, Carl!
    I like the idea of looking at terms, too. Nothing wrong with exploring the options. If the idea is worth working on . . .

  31. November 29th, 2006 at 11:31 am
    Successful Blog - Qualitative, Intuitive Thinkers vs Quantitative, Data-Based Thinkers: How Not to Make Each Other Crazy said

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  32. November 30th, 2006 at 10:57 am
    whoa said

    Maybe it is me but i think that everybody is thinking straight about money rather than implementation.
    So ok, you find difficult to make ends meet but here’s the tricky part, is not like he’s not going to pay you, he is not going to pay what you are asking for. You could work for less money if you really need it.
    Now on the other hand you could talk him into making the whole project GPL’d. Money could become a matter of donation but implementation would be the key ingredient. Why? Because once you get recognition for your implementation of his idea, you’ll be more likely to find new jobs and finally make ends meet, or better.
    What happened to the guy who did not invest in Apple? What about those who did not help the Google guys? Those two on YouTube were not getting enough money for their concept (acording to Dvorak) but did capitalize on the idea once Google bought it from them.
    Ideas alone do not pay the bills, but implementations do.

  33. November 30th, 2006 at 1:12 pm
    ME Strauss said

    Whoa!
    Good points all — as with the other comments everything hinges on the validity of the ideas . But you’re right sometimes the payment is in the investment and being able to say that you were there helping out when the winner was just being born. :)

  34. December 3rd, 2006 at 6:16 pm
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  35. December 6th, 2006 at 5:59 am
    shirazi said

    Can you evaluate the strength of the idea when it comes to you? Is there an idea which translated into practice will not give return?

    Go ahead and start; work out the details. Money will follow.

  36. December 6th, 2006 at 7:04 am
    ME Strauss said

    Shirazi,
    I think there is merit in what you are saying . . . if an idea ties in together both your head and your heart with full force of passion and you are willing to give it the energy of life it takes to make it happen, then it will surely come to fruition.

    Ah but such commitment is carefully given.

  37. January 14th, 2007 at 6:54 pm
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